British Airways-Iberia merger to generate synergies in excess of 500m euros annually

International Airlines Group (IAG) chairman Antonio Vazquez stated (21-Jun-2012) the first year of the British Airways-Iberia merger "has been navigated successfully despite the tough economic situation facing us". The airlines now generate combined revenues of EUR16.3 billion, operate a fleet of 349 aircraft, fly to more than 200 destinations, and, last year, transported 52 million passengers. He noted "the merger means we have a greater size and presence in international markets and it will generate synergies in excess of 500 million euros annually from 2015". He added that the company has "made considerable progress in obtaining synergies from the merger, so much so, that we have increased our target for annual revenue and cost synergies by 100 million euros to 500 million euros from 2015". [more - original PR]